All Forum Posts by: Grant Anderson

The contract I use for all my purchases has many different options on it, depending on the box I check, there is cash, bank financing, seller financing, or subject-to. If you currently have a contract that you are using just add subject-to. Although you will need a couple other items from them. One a power of attorney over that loan and a non-disclosure agreement that they will not tell the bank they have sold it.

It depends on what your goal is with this property. Do you want to make quick money or keep it as a rental? If they were going through a foreclosure she must be behind on her payments, how much is she behind? Are there any other liens against the house?Has she not been paying utilities that may lien the property? Is she current on the property taxes? If you want to keep it will it cash flow as a rental? Depending on some of these questions it may not be a good deal or she may not be able to get the $10,000.

I feel for you in your situation. You cannot just move in. Although you do have a couple of options. Evict them, cash for key's (although doing this you need to be sure they are completely out, sign something stating that, and have left the property in good condition prior to receiving the money), sell the property, or just let them stay.

None of the options are ideal, but you are the one who got into this situation by not having a reserve for eviction or repairs. You should always have at least $10,000 if you want to own rental properties.

You are in a tough situation. I would not venture into a real estate deal in your situation, especially using the $150,000. My reasoning since that is your nest egg and you need it to cover medical bills for your husband and living expenses, you should not risk losing it. The down side to flipping a house or buying a rental property is that it is risky, although most likely you would not lose the whole $150,000 you could lose some of it. If you really need to invest the money, I would look into the safest investments. One of these would include private lending. You could lend the money to a flipper but do not go over 65% ARV LTV. The riskiest investment in RE is the down payment, think about how banks protect themselves from loses. Be conservative with your savings, return of investment should be more important than return on investment.

Hello Everyone,

I am new to BP and this is my first post. I have a few rentals with a partner, currently we have two, are under contract to buy two more, and should have at least one more by the end of the year. Currently we are buying with cash, rehabbing, then taking a traditional loan out. Currently we are holding the properties is our names personally, but would like to get them into an LLC. Although, we are having issues finding a lender that will loan to an LLC with decent interest and terms. Does anyone have any recommendations? Typically we are at about 75 - 80% LTV and they all cash flow. We would like a loan that we can easily add more properties too or sell one if needed. Thanks for the advice

Grant